New Basis Information Reporting Requirements Deadline Extended to June 30, 2016

Our recent blog on the upcoming deadline for new basis information reporting requirements stated that under new law, estate executors are now required to provide basis information to estate beneficiaries as well as the IRS within 30 days of filing the Estate Tax Return.

In February, the IRS announced an extension to March 31, 2016 for executors to timely file correct Basis Reporting Forms before facing penalties.  On March 23rd the IRS announced another extension to June 30, 2016 for executors to comply with the reporting rules.

The required basis reporting statements apply to Estate Tax Returns filed after July 31, 2015.

Contact an Anders advisor to discuss how the new reporting requirements could affect you.